How much value will a house extension add to my house?
As the housing market comes begins to slow down due to interest rate increases
Many people considering a move face the prospect of selling at a greatly reduced price or staying put.
Reports claim that there will be a slowdown in the property market, this recent article states that house prices could fall between 5-15% over the next two years.
Such a fall could mean your plans to move have to be put on hold.
But if you just need more space, then extending your home could be the answer. Not only will you create space, but adding rooms also adds value.
If you then wait for the market to start its recovery that extra room or rooms created by a house extension will create a return on investment.
So whether you need an extra bedroom for your growing family or want a larger kitchen diner, then extending your home could be the answer.
Adding an extension adds value
According to an article by Yopa , you could increase the value of your home by up to than 23% with an extension.
Bearing in mind the drop in value of homes is likely to be about 13%, you may even see a slight increase in value immediately.
You could add an extension to the rear or side of your home or convert your loft for that extra bathroom or bedroom.
So, instructing a builder or construction company to extend your home could be the perfect solution if a house move is off the cards.
Houses in areas like Newcastle, Gateshead or County Durham usually have plenty of space for additional rooms. But even smaller homes can be extended upwards if it’s not possible outside.
What you need to know about extensions
Bigger isn’t always better: First,
you need to consider what you need from a house extension. The idea of bigger being better isn’t always the case. You can add space with clever design that feels bigger than it is.
Think about what you need and if you aren’t 100% sure, speak to your builder or architect.
Building regs: House extensions can sometimes be built under ‘permitted development’ rights, but even those must get building regulations approval. These set out the minimum requirements for the likes of structural integrity, fire safety, ventilation, and other key aspects of building.
Work requiring regulation approval is typically loft conversions, internal structural alterations and altering opening for new windows.
We have many years of experience in constructing extensions, so we can advise you about building regulations.
Mistakes People make: in a recent blog; we looked at some of the most common mistakes people make when refurbishing and extending their homes, these mistakes a particularly relevant when considering an extension, especially working with your contractor to achieve your desired extension within your budget.
Planning permission: Many extensions require planning permission. Again, this is an area we are used to dealing in so don’t worry. You can speak to us first. But remember, if you are adding an extension you need to factor in the cost of submitting a planning application, which is currently just over £200.
Bear in mind that planning permission can take a bit of time, so factor that into your timescale.
Are trees protected? Although we can help you with all aspects of planning and building your extension, you could save time by doing a little bit of homework. If your plans mean trees must be removed, you will need to check that they are not protected by a TPO (Tree Preservation Order).
Waiting until an architect or building firm arrives could delay your plans.
Designing your extension
We work with several architects but if you have been given a recommendation or have worked with one before, we will work closely with them.
With more than 25 years of experience, we are used to understanding designs and current building trends.
Remember to get a brief in place before you instruct an architect to help them understand what you like and want to achieve.
Let them know what styles you like, the materials you favour and whether you want an open plan arrangement.
Our advice is to think about this before you invite architects to quote for your work to save time. If you haven’t given them all the details, they need they will struggle to produce a design you will like.
They will also be able to tell you whether your dreams are achievable. For example, you may love a certain style of window, but if your house is in a Conservation Area that style may not be allowed legally.
So, if your plans to move house appear to be scuppered, consider a house extension. You’ll have the extra space you need and when the housing market picks up you will have added value too.